$DIA, $SPY, $QQQ, $RUTX, $VXX
The DJIA and S&P 500 finished another headline driven session flat to unchanged Tuesday as investor optimism over US-China trade talks was offset by US President Donald Trump’s threat to shut down the US government and by political uncertainty in Britain, France and Italy.
A US official told Reuters late in the trading session that China has indicated it will cut tariffs on US autos to 15% from 40%.
The Trump Administration is awaiting formal documentation and timing.
Wall Street opened strong start to the session on news that US and Chinese officials had discussed a road map for the next stage of trade talks, which President Trump called “very productive.”
Later in the session the mood changed as President Trump publicly fenced with Senate Democratic Leader Chuck Schumer (NY) and House Democratic Leader Nancy Pelosi (CA) and threatened a government shutdown at a meeting about funding for The Wall, dampening hopes for a deal ahead of a the 21 December deadline.
The Key drivers of today’s volatility are the political and geopolitical headlines citing the US government shutdown fears, US-China talks and uncertainty about Britain’s exit from the EU.
Participants might do well to take advantage of the volatility to pick up bargains against a backdrop of continued growth in earnings and the US economy.
We cannot control the headlines but the thing we know is that the underlying fundamentals are solid.
Tuesday, the US major stock market indexes finished at: DJIA -53.02 at 24370.24, NAS Comp +11.31 at 7031.83, S&P 500-0.94 at 2636.78
Volume: Trade on the NYSE came in at 890-M/shares exchaned
- NAS Comp +1.9% YTD
- DJIA -1.4% YTD
- S&P 500 -1.4% YTD
- Russell 2000 -6.2% YTD
HeffX-LTN’s US Major Stock Market Indexes Technical Analysis
|Date Symbol Price Technical Analysis Support-Resistance|
11 Dec QQQ 163.95 Bearish (-0.35) 162.80-165.09
11 Dec DIA 247.33 Neutral (-0.23) 245.78-247.66
11 Dec SPY 267.58 Neutral (-0.24) 263.43-267.64